New Zealand Oil and Gas Limited
Transaction Type: Company meeting (Share buyback)
Independent Adviser(s): Simmons Corporate Finance (Rule 18)
Date of meeting: 28/08/2015
Exemption: Class Exemptions
On 17 December 2014, New Zealand Oil & Gas Limited (NZOG) announced that it would, subject to shareholder approval, buy back up to 64 million of its shares on-market over a four-year period.
NZOG sought approval from its shareholders, in accordance with clause 4 of the Takeovers Code (Class Exemptions) Notice (No. 2) 2001, for the buyback. If the Zeta Associates (being, Zeta Resources Limited, Zeta Energy Pte Limited, Utilico Investments Limited, Somers Limited and Bermuda Commercial Bank Limited, ICM Limited, Permanent Investments Limited and Duncan Saville) did not participate in the buyback, the Zeta Associates’ aggregate voting control would increase from 19.35% up to a maximum of 23.74%.
At the special meeting of shareholders, held on 28 August 2015, NZOG’s non-associated shareholders approved the buyback.